China: Contraction in exports deepen in June
July 13, 2016
Exports fell 4.8% annually in June, which followed the 4.1% drop recorded in May. June’s decline represented the steepest decline in four months and was broadly in line with the 5.0% contraction that market analysts had expected.
Meanwhile, imports decreased 8.4% annually in June, which followed the softer 0.4% contraction in May. June’s drop exceeded the 6.2% decline that market analysts had expected.
The trade surplus rose from USD 45.2 billion in June 2015 to USD 48.1 billion in June this year. The 12-month moving sum of the trade surplus increased from May’s 599 billion to USD 602 billion in June.
June’s data reflect weak global demand, which translates into lower overseas sales from China, while the continued drop in imports is the result of subdued Chinese demand and still low commodity prices.